Credit Score Quiz PDF

1. What is the scale for minimum to maximum possible credit score? ○ A) 100 - 700 ○ B) 300 - 850 ○ C) 500 - 900 ○ D) 250 - 800 2. Do you ideally want to have a HIGH credit score or LOW? ○ A) Low, to avoid interest ○ B) High, it helps get better loans and int...

1. What is the scale for minimum to maximum possible credit score? ○ A) 100 - 700 ○ B) 300 - 850 ○ C) 500 - 900 ○ D) 250 - 800 2. Do you ideally want to have a HIGH credit score or LOW? ○ A) Low, to avoid interest ○ B) High, it helps get better loans and interest rates ○ C) Low, it improves your credit views ○ D) Medium, for more options 3. Why do lenders look at credit reports? ○ A) To determine the size of your household ○ B) To decide if you’re a qualified or risky candidate for credit ○ C) To provide details about your savings ○ D) To edit your credit score 4. What information is NOT included in your credit report trade lines? ○ A) Payment history ○ B) Current loan balances ○ C) Account opening dates ○ D) Checking account balance 5. Why should you review your credit report regularly? (choose two) ○ A) To monitor factors affecting your FICO score ○ B) To increase credit views ○ C) To check for accuracy ○ D) To open additional credit lines 6. What percent of Americans know their credit score? ○ A) About 40% ○ B) About 58% ○ C) About 70% ○ D) About 25% 7. What is a "Thin File" in terms of credit? ○ A) A credit report with lots of accounts ○ B) A credit report with little credit history ○ C) A credit report with only student loans ○ D) A credit report for high credit scores 8. Where can you get a free copy of your credit report? ○ A) At your bank ○ B) AnnualCreditReport.com ○ C) Ask a friend ○ D) Credit score apps 9. If you miss a payment with a 750 credit score, how will it impact you compared to a 650 score? ○ A) Less impact with a higher score  ○ B) No impact on a high score ○ C) Hurts more with a higher score ○ D) No difference 10. What are two reasons to request your credit report from all three agencies? A) Ensure accuracy, as each agency may vary B) Increase your credit score by checking each report C) See your total credit views D) Get updated credit limits If you were to loan money to someone you do NOT know, which question should you ask? A) How often do you visit the bank? B) What are your monthly expenses? C) What’s the purpose of the loan? D) Can you open a new account for this loan? Which of the following is included in a credit report? A) Loan payment history B) Details about your checking account C) Household size D) Social media activity What’s the connection between a credit report and a credit score? A) They’re completely separate documents B) Credit scores are calculated based on credit report data C) They have no impact on each other D) A credit report and credit score are the same thing How long do financial records generally remain on your credit report? A) 1-2 years B) 3-5 years C) 7-10 years D) 12-15 years Why might an 18-year-old have a thin credit file? A) They’ve maxed out their credit cards B) They’ve paid off all their debt C) They’re just starting to build credit D) They’re in a high credit score bracket What’s the catch with some services promoting a “free credit score”?  A) They might charge for updates B) They increase your score automatically C) They give you a credit score each time you log in D) They won’t ask for personal info Why do some credit card companies offer free credit scores to everyone? A) To increase competition B) To boost cardholder loyalty C) To get more social media followers D) To lower interest rates What does the Equal Credit Opportunity Act prohibit? A) Charging high interest rates B) Offering free credit reports C) Denying credit based on race, sex, or religion D) Giving loans to everyone equally Why is it important to review your credit report from all three agencies? A) To compare your scores B) They each report slightly different data C) They increase your credit limit D) You only need to check one agency What’s an important section of your credit report that lenders check? A) Personal information B) Credit accounts C) Emergency contacts D) Social security details